Anand automotive to invest Rs 1,200 cr over 5 years

Anand Automotive said it will invest Rs 1,200 crore over the next five years on new product development and capacity expansion. The company is also looking to enhance its exports to cash in on opportunities arising out of rupee depreciation. The group has 47 different manufacturing locations across India and the capacity hike will be among these existing plants, according to a top company official. The group which has set a target of touching turnover of Rs 10,000 crore by 2016 is also looking to increase its export basket. The group supplies to most of the automobile makers and globally it supplies to companies like BMW, VW and Cummins. Last fiscal, the group had a turnover of Rs 5,800 crore.